1 unchanged sentence
The diverse nature of our business activities necessitates the management of various financial and market risks, including those related to changes in interest rates, foreign currency exchange rates and commodity costs.
−Removed: Interest Rate Risk — As of August 31, 2023, long term debt consisted of $ 16 million of borrowings under the revolving line of credit (variable rate debt) and $ 200 million of term loan debt bearing interest on SOFR (variable rate).
+Added: Interest Rate Risk — As of August 31, 2024, long-term debt consisted of no borrowings under the revolving line of credit (variable rate debt) and $ 200 million of term-loan debt bearing interest based on SOFR (variable rate).
An interest-rate swap effectively converts the SOFR-based rate of $ 60 million of term borrowings under our credit facility to a fixed rate.
3 unchanged sentences
Our more significant non-U.S.
−Removed: operations are located in Australia, the Netherlands, the United Kingdom, United Arab Emirates and China, and we have foreign currency risk relating to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies.
+Added: operations are located in Australia, the Netherlands, the United Kingdom, Saudi Arabia and China, and we have foreign currency risk relating to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies.
Under certain conditions, we enter into hedging transactions (primarily foreign currency exchange contracts) that enable us to mitigate the potential adverse impact of foreign currency exchange rate risk (see Note 9, “Derivatives” in the notes to the consolidated financial statements for further information).
3 unchanged sentences
To illustrate the potential impact of changes in foreign currency exchange rates on the translation of our results of operations, annual sales and operating profit were remeasured assuming a ten percent reduction in foreign exchange rates compared to the U.S.
−Removed: Under this assumption, annual sales would have been $26 million lower and operating profit would have been $2 million lower for the fiscal year ended August 31, 2023.
+Added: Under this assumption, annual sales would have been $3 million lower and operating profit would have been less than $1 million lower for the fiscal year ended August 31, 2024.
This sensitivity analysis assumes that each exchange rate would change in the same direction relative to the U.S.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.